Current Affairs News Plus (7-Jun-2018)

Table of Contents

Global Initiative of Academic Networks (GIAN) in Higher Education was launched in 2015. It is a program of Ministry of Human Resource and Development.
GIAN aims at tapping the talent pool of scientists and entrepreneurs to engage with the institutes of higher education in India to augment the country’s existing academic resources, accelerate the pace of quality reforms, and further strengthen India’s scientific and technological capabilities.

Fragile Five is a term coined in August 2013 by a financial analyst at Morgan Stanley to represent emerging market economies that have become too dependent on unreliable foreign investment to finance their growth ambition.
Capital flows out of emerging markets to developed markets, many of their currencies experienced significant weakness and made it difficult to finance current account deficits.The lack of new investment also made it impossible to finance many growth projects, which contributed to a slowdown in their respective economies. This created a potential issue for certain vulnerable economies.
Fragile Five include : Turkey,Indonesia, South Africa,Brazil and India

The scheme aims to improve groundwater management in priority areas in the country through community participation.
The priority areas identified under the scheme fall in the states of Gujarat, Haryana, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan and Uttar Pradesh.
These States represent about 25% of the total number of over-exploited, critical and semi-critical blocks in terms of groundwater in India.
The scheme is to be implemented over a period of 5 years from 2018-19 to 2022-23, with World Bank assistance.

The International Air Transport Association (IATA) is the trade association for the world’s airlines, representing some 280 airlines or 83% of total air traffic. Formed in April 1945, it is the successor to the International Air Traffic Association, which was formed in 1919.
IATA supports airline activity and helps formulate industry policy and standards. It also provides consulting and training services in many areas crucial to aviation.
It is headquartered in Montreal, Quebec, Canada with Executive Offices in Geneva, Switzerland.
International Air Transport Association (IATA) recently castigated India for taxing international tickets, as it asked governments to facilitate the growth of worldwide connectivity by avoiding creeping re-regulation, maintaining the integrity of global standards and addressing a capacity crisis.

Repo rate is the rate at which the central bank of a country (Reserve Bank of India in case of India) lends money to commercial banks in the event of any shortfall of funds. Repo rate is used by monetary authorities to control inflation.In the event of inflation, central banks increase repo rate as this acts as a disincentive for banks to borrow from the central bank. This ultimately reduces the money supply in the economy and thus helps in arresting inflation.The six-member monetary policy committee of the RBI headed by Governor Urjit Patel